To amend the Internal Revenue Code of 1986 to exclude from gross income remediation payments for hazardous drywall.

Amends the Internal Revenue Code to exclude from gross income government payments to a taxpayer for the replacement of, or remediation relating to, hazardous or defective drywall installed in the taxpayer's principal residence after September 1, 2006, and prior to the enactment of this Act.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4697 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4697

To amend the Internal Revenue Code of 1986 to exclude from gross income 
              remediation payments for hazardous drywall.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 25, 2010

Mr. Cao (for himself, Mr. Nye, Mr. Cassidy, Mr. Taylor, and Mr. Posey) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to exclude from gross income 
              remediation payments for hazardous drywall.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. HAZARDOUS DRYWALL REMEDIATION PAYMENT EXCLUDED FROM GROSS 
              INCOME.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 
139C the following new section:

``SEC. 139D. HAZARDOUS DRYWALL REMEDIATION PAYMENTS.

    ``Gross income shall not include any payment received from the 
Federal Government, or any State or local government, for the 
replacement of, or remediation relating to, hazardous or defective 
drywall installed in the principal residence (within the meaning of 
section 121) of the taxpayer after September 1, 2006, and before the 
date of the enactment of this Act.''.
    (b) Clerical Amendment.--The table of sections for part III of 
subchapter B of chapter 1 of such Code is amended by inserting after 
the item relating to section 139C the following new item:

``139D. Hazardous drywall remediation payments.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments received after December 21, 2009.
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